Zepto’s Aadit Palicha Goes Public with Explosive Claims Against Rival CFO

Aadit Palicha, cofounder of Zepto, has publicly accused the chief financial officer of a rival company of orchestrating a coordinated smear campaign aimed at discrediting the rapidly growing startup. In a candid LinkedIn post, Palicha alleged that the rival CFO has been spreading false information to investors, journalists, and social media, using proxy sources and even paid bots to amplify the claims.

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“This episode is below the stature expected of the CFO of a high-quality company,” Aadit Palicha wrote, suggesting the attacks stem from nervousness over Zepto’s improving financial performance. “They’re getting rattled by how fast our EBITDA is improving.”

Aadit Palicha further accused the rival CFO of circulating “wild allegations” unsupported by facts and distributing doctored Excel sheets to media outlets. Zepto decided to go public with these claims as a “preemptive” move to counter any potential misinformation.

Backing its defense with recent financial data, Zepto revealed that its monthly gross order value (GOV) soared from ₹750 crore in May 2024 to ₹2,400 crore in May 2025. EBITDA improved by 2,000 basis points in just five months, and cash burn dropped by 65% over the same period. The company claims consistent 4–5% month-on-month growth, amounting to a 20% increase in GOV since January.

Aadit Palicha’s Quick Commerce War Gets Ugly

Most of Zepto’s dark stores are expected to be EBITDA-positive by the next quarter, with both EBITDA and operating cash flow near breakeven at the company level. The startup also boasts ₹7,445 crore in net cash—fully reconciled with bank statements—providing what Palicha described as “many years of runway.”

Addressing rumors about store closures, Aadit Palicha emphasized that Zepto is not undertaking any large-scale rationalization and is actively expanding its network of dark stores. He also highlighted the company’s governance standards, pointing to robust payment systems, vendor audits, physical asset verification, and a clean track record in statutory audits by Big Four firms. Previous diligence exercises reportedly found no material irregularities.

Although Palicha did not name the rival CFO or company, his allegations come amid mounting competition in India’s quick commerce sector. Zepto is battling Blinkit (owned by Zomato), Swiggy Instamart, and Flipkart Minutes in a segment that has grown more than fivefold since 2022. A March 2025 report by Bain & Company and Flipkart estimated the market size at $6–7 billion, accounting for over two-thirds of all e-retail orders last year.

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